Nigerian banks are collaborating to create and oversee a new stablecoin, the cNGN, which is a novel digital currency designed to bring advantages to both tokenholders and the Nigerian economy. The new stablecoin is developed on public blockchains (Bantu, Polygon, Ethereum, BNB Smart Chain and Tron).
Thank God that Bantu have built the necessary infrastructure to support the cNGN.
Bantu have seen the vision ahead.
What we should be discussing is the advantages of this innovation and how to increase the use among Local people who don’t know how to use Smartphone. Especially the unbanked population.
@Mrconfirm Here’s what you need to know about cNGN and its economic impact:
Key pillars of cNGN:
- Reliable global transactions with other stablecoins and digital securities
- Strong security measures overseen by the Central Bank of Nigeria (CBN)
- Trustworthy with transparent Naira reserve backing
- Transparent visibility of Naira reserve collateral
- Scalable infrastructure for widespread adoption and growth.
Read more here Get updated. All you need to know about the compliant Nigeria Naira pegged Stablecoin #cNGN
I don’t think this is a good news and healthy or beneficial to the crypto space
@mrzuby it’s good news and beneficial to the crypto ecosystem. The initiative’s primary objective is to bridge the gap between traditional financial institutions and digital asset markets. It aims to foster a compliant digital asset ecosystem and establish a secure environment for digital transactions across Africa. This approach is designed to mitigate risks associated with money laundering and terrorism financing.
This way, users can enjoy the benefits of both the traditional and the digital asset markets, such as speed, security, transparency and compliance.
What to know about cNGN stablecoin
For your perusal (for those who may not be aware yet), kindly please take the opportunity to click this link What to know about cNGN stablecoin